Spain's 10.6 Billion Euro Relief Package for Flood Victims

Spain has allocated 10.6 billion euros in loans and grants to support victims of recent flash floods in Valencia. Prime Minister Pedro Sanchez announced direct payments and loan guarantees to aid reconstruction and provide tax relief. Over 14,000 officers and soldiers are deployed for assistance.

In the wake of devastating flash floods, Spain is gearing up to support affected citizens with a substantial relief package worth 10.6 billion euros. This includes both grants and loans, aimed at fostering recovery in the region of Valencia, according to announcements made by Prime Minister Pedro Sanchez on Tuesday.

The relief plan outlines provisions for up to 838 million euros in direct cash handouts to individuals suffering from the floods, which tragically claimed 217 lives last week. Additionally, the Spanish government's credit agency, ICO, is set to guarantee 5 billion euros in loans designed to bolster small and medium-sized businesses, self-employed individuals, and families focused on reconstruction efforts.

Further assistance comes in the form of tax holidays, benefit payment deferrals, and financial support for property replacement, alongside essential repairs to roads and railways. To bolster these efforts, the government has deployed nearly 15,000 law enforcement officers and military personnel to the affected regions.

(With inputs from agencies.)